Benefits of a Roth IRA for Education Savings 1. Roth IRAs are NOT included as an asset on the FAFSA (Free Application for Student Aid) form. Most other assets, including the amount in 529 plans, are included when calculating your EFC (expected financial contribution). 2. Roth IRAs are more flexible. You can earmark as… Read More
When planning your financial future, understanding the differences between tax-deferred and tax-free accounts is essential. Each offers unique tax benefits and potential savings, and the right choice can significantly impact your retirement and investment growth. This guide will help you navigate these options and choose the best strategy for your financial goals. What Does Tax-Deferred… Read More
Tax scams come in two major varieties: ID theft, whereby criminals file fraudulent tax returns, and tax scams, where callers convince victims they owe taxes and collect payment information. Fraudulent tax returns usually cost taxpayer victims only time lost, whereas money paid to scammers posing as IRS agents is most often gone for good. The… Read More
If you’re still one of the few taxpayers who files paper returns, consider these reasons to switch to filing electronically: Filing electronically helps you get your refund faster. By avoiding mail delays and common filing errors, you save time. Get your refund even faster by combining an electronic return with direct deposit of your refund.… Read More
In 2014, 150 million taxpayers dutifully filed their federal income tax returns.¹ And all of them made decisions about deductions and credits—whether they knew it or not. When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place… Read More